Common use of Account Requirement Clause in Contracts

Account Requirement. Direct Deposit within 60 days. If not, the account will be converted to our Classic Checking or 55 Plus Checking. Compounding and crediting – Dividends will be compounded every month. Dividends will be credited to your account every month. Dividend period – For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31. Daily balance computation method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account eachday. Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section. MONEY MARKET SAVINGS Compounding and crediting – Dividends will be compounded every month. Dividends will be credited to your account every month. Dividend period – For this account type. The dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31. Minimum balance requirements: No minimum balance requirements apply to this account. Daily balance computation method – Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account eachday. Accrual of dividends on noncash deposits – Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account. Transaction limitations: No more than six withdrawals are allowed each month. During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, computer transferordraft. Ifyouexceed thetransferlimitationssetforthabove, youraccount will be subject to closure by the credit union. Fees and charges: An excessive withdrawal fee of $5.00 will be charged for each withdrawal in excess of six during a month.